Graphite Electrodes Market to Expand at 3% CAGR till 2026-end due to Surge in EAF Production - TMR

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Jul 16, 2019, 07:30 ET

ALBANY, New York, July 16, 2019 /PRNewswire/ -- Transparency Market Research (TMR) estimated that the graphite electrodes market is cyclical in nature. From the past few years – 2011 to 2016 – the market witnessed sluggish growth owing to low demand and oversupply. Thus, major manufacturers in the major graphite electrodes manufacturers lowered its production, which led to prices surge and consolidation of the market.

Additionally, the production cut down led to a rise in electric arc furnace (EAF)-based steel production globally in 2017. For instance, Tokai Carbon cut its production capacity by 40% to reduce the oversupply to the sluggish demand. Some of the key players in the global graphite electrodes market are Showa Denko K.K., Graphite India Limited, GrafTech International, Nippon Carbon Co. Ltd., Nantong Yangzi Carbon, HEG Limited, Kaifeng Carbon Co., Ltd., SEC Carbon, Ltd., Tokai Carbon Co., Ltd., and Nantong Yangzi Carbon Co., Ltd. In order to gain a competitive edge, the key players are adopting the merger and acquisition as their key strategies to expand their global presence and a strong foothold in the graphite electrodes market.

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Change in Chinese Government Regulations Benefits Market Growth

Regionally, Asia Pacific dominated the global graphite electrodes market and is estimated to remain a key region in the coming years. Additionally, North America and Europe regions hold a significant share in the global market as the key players have a strong foothold in the region.

The growth of the Asia Pacific is estimated to attribute to the change in Chinese government regulations such as new IMO 2020 regulations.
Under this regulation, the quality checks of needle coke lowered the supply of graphite electrodes and thus skyrocketed the prices.
However, increasing steel production has offered opportunities and increased demand for the graphite electrodes in the rest of the Asia Pacific such as Japan and India.

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Excellent Properties and Flexibility of Material Widens its Applications

The graphite electrodes have key applications in the steel and non-ferrous metal's manufacturing coupled with electric arc furnaces manufacturing. The properties such as high heat resistance, resistance to thermal shock, low electrical conductivity, and low chemical reactivity make it suitable for a number of applications. Thus, the graphite electrodes market stood at a value of US$10 bn in 2017 and is estimated to expand by exhibiting a CAGR of 3% during the forecast period from 2018 to 2026.

Moreover, favorable properties such as electrical properties, high electrical and heat conductivity, high mechanical strength, low impurity content, chemical stability, and high vibrational resistance makes its most suitable for steel manufacturing. The steel scrap manufactured with the help to graphite electrodes can be used for manufacturing the chemical equipment and furnaces such as EAF. Additionally, the factors such as flexibility of the material in EAF coupled with quick turnaround time and lower fixed costs boosts its demand. These factors are providing support to the growth of the global graphite electrodes market and likely to remain as key factors in the coming years.

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The widening use of steel and steel scrap in the several industries is driving growth of the global graphite electrodes market. However, lack of availability of raw material and its fluctuating costs are major factors restraining the graphite electrodes market. Nonetheless, the emergence of ultra-high power graphite electrodes is estimated to benefit the market to overcome all the factors hampering its growth in coming years. In addition, robust production and uptake of steel drive the graphite electrodes market growth in the years to come.

This information is encompassed in the report by TMR, titled, "Graphite Electrodes Market (Type - Regular Power (RP), High Power (HP), Ultra-high Power (UHP); Application - Steel and Nonferrous Metals, Fused Materials, Inverted, Chemical Processing - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026."

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For the study, the graphite electrodes market has been segmented as follows:

Type

Ultra-high Power (UHP)
High Power (HP)
Regular Power (RP)

Application

Steel & Non-ferrous Metals
Fused Materials
Chemical Processing
Others

Geography

North America

U.S.
Rest of North America

Europe

U.K.
Germany
France
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Rest of Asia Pacific

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